ICCF Champions League
First Season (2004-2006)

Sponsor News Release June 2005
See original Sponsorship Announcement


Dear Champions League participants,

Sponsor of the 1st regular season of ICCF Champions League, IPV ("Investiciju portfeliu valdymas") and its managed fund "ZPR US Small Cap Value Fund" is delighted to announce the successful results this year.

The price of ZPR US Small Cap Value Fund share at the start date of Champions League (December 1st, 2004) was 1079,44 USD. On Monday (June 20, 2005) the price reached 1168,87 USD. The price is up by 8,3 % from the start of Champions League!

This means all monetary Champions League prizes are already higher than it was announced at the start date.

For more details please visit Fund's website http://www.zprussmallcap.com/en/



June 8, 2005

From 2001 to 2003, ZPR Investment Management's Small Cap Value portfolios were up 168.47% net of fees while the S&P 500 was down 11.67% and many professional investors were losing money.

In 2004, the US market rallied and the ZPR portfolios had another good year (18.01% net of fees) which only matched the Russell 2000 (2000 largest stocks after the 1000 largest).

In 2005 through June 7, the Russell 2000 index is down 3.92%, but ZPR continues its winning ways. Its average Small Cap Value portfolio is up 5.51%. ZPR, with its sister company IPV, started a mutual fund in Lithuania with its Hansabank partner in April 2004. The fund this year is up 1.40% through June 7. The difference in performance from 5.51% is due to inflows of new cash and higher startup costs on a small base. To close the performance gap for the immediate time period, IPV has decided to take the unusual step to wave the expense portion of the management fee until the fund is larger. (This represents a savings of 1-2% for the fund investors.)

As the dollar has grown stronger this year, the performance of the fund in Litas/Euros is up another 11% so the YTD in Litas/Euros is 12.63%.

ZPR Group is owned by Max Zavanelli, former Distinguished Roland George Professor of Investments at Stetson University and one of the pioneers of quantitative investing and Modern Portfolio Theory.

ZPR's 18 year track record of performance is apparently unmatched by any other manager according to the consultant databases and other sources yet they are relatively unknown due to their small size and neglected small cap value product.

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